Great British Pound vs. Japanese Yen (2009-09-17)

By IBT Staff Reporter On 09/17/09 AT 7:22 AM

Midday Report

The pair found solid support above 149.30 during the previous session, proving that the anticipated upside correction is in progress towards the broken support areas –that turned into resistance- between [152.80 and 153.60]. This positive action is based on the positive divergence on RSI 14 as shown on the provided daily chart.

The trading range for today is among key support at 145.50 and key resistance at 155.85.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.